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Oman Insurance Report Q3 2016

  • June 2016
  • -
  • Business Monitor International
  • -
  • 58 pages

Includes 3 FREE quarterly updates

BMI View: We have made some minor changes to our latest Oman insurance forecast to reflect the ongoingcurrency movements. We expect a positive year for the Omani insurance industry as a whole. Demand willbe led primarily by Oman's strong macroeconomic performance and the substantial expatriate community,which will account for the majority of life premiums written. The insurance market in Oman continues topresent structural challenges, including a fragmented competitive landscape and low retention rates, aswell as downwards pressure on pricing in major basic lines such as property insurance.

Key Updates And Forecasts

- In April 2016, the national regulatory the Capital Markets Authority amended the legislation covering theInsurance Agents' Regulation. According to the new rules, the 'Omanisation' programme will be stressedupon the insurance agents. Requirements for obtaining an insurance license will be changed, along withstressing the value of private sector partnerships as part of the Decision No. 28/2016.

- We are forecasting the life insurance market to grow by about 15.6% a year on average over the course ofour forecast period, following a significant decline in 2015. The market remains nascent by globalstandards; however, underwritten premiums will jump from an estimated USD71mn in 2016 to aroundUSD134mn in 2020.

- The non-life sector is considerably larger, with premiums of around USD1.0bn in 2016. Growth will,however, be slower than the life sector, with premiums increasing by 5.7% annually, on average, to reachUSD1.24bn in 2020.

- Oman's insurers saw a jump in claims in late 2015 due to the impact of heavy rainfall in September -some OMR3.6mn has been paid in compensation for damage to property, machinery and cars.

Table Of Contents

Oman Insurance Report Q3 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Oman 2013-2020) 5
Insurance 6
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (Oman 2013-2020) 12
Table: Life Insurance Claims (Oman 2008-2015) 12
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (Oman 2013-2020) 16
Table: Non-Life Insurance Claims (Oman 2012-2013) 18
Non-Life Sub-Sector Forecast 18
Table: Non-Life Insurance Premiums By Product Line (Oman 2013-2020) 25
Industry Risk Reward Index 27
MENA Insurance Risk/Reward Index 27
Table: MENA Insurance Risk/Reward Index - Q316 28
Market Overview 29
Life Market Overview 29
The Product Offering 29
The Competitive Landscape 30
Non-Life Market Overview 32
The Product Offering 32
The Competitive Landscape 33
Table: Oman Insurance Market Share, 2011-2013 (USDmn) 33
Company Profile 36
American International Group (AIG) 36
AXA 38
Dhofar Insurance 40
Life Insurance Corporation Of India 43
MetLife 45
National Life and General Insurance Company 47
Oman United Insurance Company 50
Methodology 52
Industry Forecast Methodology 52
Risk/Reward Index Methodology 55
Table: Indicators 57
Table: Weighting of Indicators 58

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